Michael Jordan’s Sale of Majority Stake in Charlotte Hornets Finalized

The sale of a majority stake in the Charlotte Hornets by Michael Jordan to a group led by Rick Schnall and Gabe Plotkin has been completed. This announcement was made on Thursday, much to the excitement of basketball fans and the Charlotte community. Jordan, who has been the majority owner of the team for the past 13 years, expressed his enthusiasm for the future of the franchise under the new leadership.

In a statement, Jordan said, “I’m thrilled to be able to pass the reins to two successful, innovative, and strategic leaders in Gabe and Rick. I know the Hornets organization is in great hands moving forward.” Despite selling the majority stake, Jordan will still retain a minority stake in the team, showcasing his continued commitment and support.

New Ownership Group Approved

The NBA’s board of governors approved the new ownership group with an overwhelming 29-1 vote, solidifying the transition of power. This decision underscores the confidence the league has in Schnall and Plotkin’s abilities to lead the franchise. With their combined experience and expertise, the new co-chairmen are poised to take the Hornets to new heights both on and off the court.

A Vision for Success

Schnall and Plotkin share a common vision for the Hornets—taking the team to the next level. In their joint statement, they expressed gratitude towards Jordan for the opportunity and his unwavering support throughout the process. They also emphasized their commitment to building a highly competitive basketball team, implementing innovative business practices, and giving back to the community.

“We plan to further invest in the team, the facilities, and the fan experience, with the goal of delivering a winner to our fans throughout the Carolinas,” the new owners stated. They are confident that their successful business backgrounds and previous experience as NBA minority owners will be instrumental in shaping the future of the franchise. Their aim is to establish the Hornets as a best-in-class organization, focusing on both on-court success and community engagement.

Both Schnall and Plotkin bring unique skills and experiences to the table. Schnall, who was previously a minority owner with the Atlanta Hawks, has been involved in various aspects of team-building and played a key role in the renovations to State Farm Arena. Additionally, he has an extensive background in the business world, having worked for Clayton, Dubilier & Rice LLC for 27 years.

Plotkin, on the other hand, acquired a minority stake in the Hornets in 2019 and has since been an alternate governor on the league’s board of governors. As the founder and chief investment officer of Tallwoods Capital LLC, he brings a wealth of knowledge in investment strategies. Both co-chairmen are determined to utilize their expertise to propel the Hornets to success.

The Hornets’ new ownership group consists of a diverse range of individuals, including Chris Shumway, Dan Sundheim, Ian Loring, Andrew Schwartzberg, and Dyal HomeCourt Partners. Notably, the group also includes recording artist J. Cole and country music singer-songwriter Eric Church, who both hail from North Carolina. Several local Charlotte investors, such as Amy Levine Dawson and Damian Mills, are also part of this dynamic collective.

Together, this diverse group of individuals aims to solidify the Hornets’ status as a prominent franchise within the NBA. By combining their resources, skills, and passion for the game, they hope to create a winning culture both on the court and within the Charlotte community.

The completion of Michael Jordan’s sale of a majority stake in the Charlotte Hornets marks a new era for the franchise. With Rick Schnall and Gabe Plotkin at the helm, the team is poised to soar to greater heights. Their vision for success, coupled with the support of an impressive ownership group, sets the stage for a bright future for the Hornets organization. As fans eagerly await the upcoming season, the Hornets are primed for a thrilling journey towards success.

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